Sandnes, Norway, 2 June 2025: Vår Energi ASA (OSE: VAR, “the Company”) has successfully completed the refinancing of existing revolving credit facilities. Together with the recent senior notes offering in the USD and EUR markets, the company has optimised its debt capital structure and strengthened financial flexibility.
The company has entered into new revolving credit facilities totaling USD 2.75 billion, split over a 3-year working capital facility and a 5-year liquidity facility maturing in 2028 and 2030 respectively, with the option to extend for an additional two years. The new facilities obtained more favourable rates and provide the Company with a significant liquidity buffer, enhancing Vår Energi’s financial robustness. The facilities are backed by a supportive syndicate of 13 leading international banks, underscoring strong confidence in Vår Energi’s credit profile and strategic direction.
In addition, Vår Energi has recently issued senior notes in both EUR and USD markets, totaling the equivalent of approximately USD 2.6 billion. Both issuances were substantially oversubscribed, demonstrating strong investor confidence in the Company’s strategy and financial outlook. The issuances have enabled Vår Energi to reduce the cost of debt, extend the maturity profile, and strengthened its presence in the US and EU financial markets.
“We are very pleased with the strong reception of our bond offerings in both the EUR and USD markets, particularly in the context of a volatile macro environment,” said Carlo Santopadre, CFO of Vår Energi. “The significant oversubscription from respected cornerstone investors underscores the confidence investors have in our business and growth outlook. With the refinancing of our credit facilities, we have secured significant available liquidity, currently well above USD 3 billion, while reducing the cost of debt and extending the maturity of our debt portfolio. Our strengthened liquidity position is key to our commitment of maintaining an investment grade balance sheet and will support the Company’s significant production growth this year and value creation towards 2030 and beyond.”
Vår Energi’s financial structure aligns with the Company’s objectives of safe, efficient, and responsible operations to deliver growth and value creation over time, maintaining an investment grade balance sheet and preserving financial flexibility.
About Vår Energi
Vår Energi is a leading independent upstream oil and gas company on the Norwegian continental shelf (NCS). We are committed to deliver a better future through responsible value driven growth based on over 50 years of NCS operations, a robust and diversified asset portfolio with ongoing development projects, and a strong exploration track record.
Safe and responsible operations are at the core of our strategy. Our ambition is to be the safest operator on the NCS, and to become carbon neutral in our net equity operational emissions by 2030.
Vår Energi has around 1400 employees and equity stakes in 42 producing fields. We have our headquarters outside Stavanger, Norway, with offices in Oslo, Hammerfest and Florø. To learn more, please visit varenergi.no.
Contact
Investor relations
Ida Marie Fjellheim, VP Investor Relations
+47 90509291
ida.fjellheim@varenergi.no
Treasury
Rune Dreiem, VP Finance and Treasury
+47 41085958
rune.dreiem@varenergi.no